US Drillers Add Oil and Gas Rigs for Seventh Week in a Row
U.S. energy firms last week added oil and natural gas rigs for a seventh week in a row...
U.S. energy firms last week added oil and natural gas rigs for a seventh week in a row amid high prices and prodding by the government, although most shale producers were prioritizing shareholder returns over new spending on production.
The oil and gas rig count, an early indicator of future output, rose seven to 705 in the week to May 6, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on May 6.
Baker Hughes said that puts the total rig count up 257, or 57%, over this time last year.
U.S. oil rigs rose five to 557 this week, their highest since April 2020, while gas rigs gained two to 146, their highest since September 2019.
FROM OK ENERGY TODAY: As the week starts, oil investors and analysts wonder whether...
FROM OK ENERGY TODAY: As the week starts, oil investors and analysts wonder whether prices will manage to post a third consecutive week of increases as Europe seriously considers sanctions on Russian oil.
On Friday, prices went up 1.5% as traders shrugged off worries about global economic growth.
West Texas Intermediate crude for June delivery rose 1.4% or $1.51 and closed at $109.77 a barrel on the New York Mercantile Exchange. For the week, WTI gained nearly 5%.
Global benchmark Brent for July delivery crude rose $1.49 or 1.3% and settled at $112.39 a barrel on ICE Futures Europe. Brent gained about 4% for the week.
June natural gas fell 74 cents to $8.04 per 1,000 cubic feet.
Saudis Cut Oil Prices from Record Highs Amid China Lockdowns
(Bloomberg) Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns...
(Bloomberg) Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns in China weigh on demand, countering uncertainty around Russia’s supplies as the Ukraine war drags on.
Saudi Aramco is lowering prices for the first time in four months. The state-controlled company dropped its key Arab Light crude grade for next month’s shipments to Asia to $4.40 a barrel above the benchmark it uses, from $9.35 in May. That’s in line with a Bloomberg survey of refiners and traders from late April that forecast a $5 decrease.
Aramco also lowered all grades for the northwest Europe region and almost all for the Mediterranean. Prices for U.S. customers were kept unchanged from May.
Brigham Minerals, Inc. Reports Record First Quarter 2022 Operational and Financial Results
During the first quarter of 2022, the Company executed eight transactions acquiring approximately...
During the first quarter of 2022, the Company executed eight transactions acquiring approximately 2,100 net royalty acres (standardized to a 1/8th royalty interest) and deployed $43.7 million in capital. The Company deployed over 99% of its mineral acquisition capital in the first quarter to the Permian Basin.
HIGHLIGHTS:
Record daily production volumes of 12,031 Boe/d (71% liquids, 51% oil) -Production up 31% sequentially from Q4 2021 including a 21% increase in Permian volumes
Record royalty revenues of $70.0 million -Up 49% sequentially from Q4 2021 driven by 31% higher volumes and 16% higher realized prices
Record Net income totaling $39.1 million - Record Adjusted EBITDA(1) totaling $60.7 million up 53% sequentially from Q4 2021
